Commodity stocks give FTSE pre-bank holiday lift

BP (BP.) jumped 2.6% to 558.1p, followed by Royal Dutch Shell (RDSB) which advanced 1.5% to £26.55.

Miners BHP Billiton (BLT) and Rio Tinto (RIO) were the top performers in the sector, rising at least 1.9% each.

The FTSE 100 closed 0.8% to 7,567.

OVERSEAS MARKETS

Wall Street made some gains despite jobs data missing forecasts and underwhelming wage growth. The biggest riser was the tech-heavy Nasdaq, up 1.4% at 7,187 around 4:45pm UK time.

MID AND LARGE CAP RISERS AND FALLERS

British Airways' owner International Consolidated Airlines (IAG) gained 5.8% to 678p on a 75% rise in operating profit to €280m in the first three months of 2018. Takeover target Norwegian Air revealed it rejected two offers, saying it undervalued the company and its prospects.

Holiday Inn owner Intercontinental Hotels (IHG) said revenue per available room (RevPAR) grew 3.5% in its first quarter, highlighting an improvement in how effectively it is filling its rooms. The stock nudged 1% higher to £46.67 on a 3% drop in RevPAR in London.

Publishing business Pearson (PSON) kept its full year operating profit guidance untouched and boosted sales by 1% in its first quarter, prompting investors to mark the stock 7.6% higher to 893.6p.

IP Group (IPO) said non-executive chairman Mike Humphrey plans to retire and executive director Lynn Gladden is leaving to avoid any potential conflicts of interest when she joins the Physical Sciences Research Council. Shares in the company dipped 0.7% to 134p.

SMALL CAP RISERS AND FALLERS

Tharisa (THS) warned its earnings per share in the half year to 31 March are expected to drop by up to 43%, partially due to the strong South African Rand and planned cost increases. Shares in the resources group slumped 17.8% to 97p.

International Personal Finance (IPF) announced its Romanian APR cap of 18% for consumer lending is likely to be implemented, potentially having a 'material adverse effect' on its Romanian business. Shares in the home credit firm were broadly unmoved at 237p.

Morgan Sindall (MGNS) was up 0.7% at £13.32 after delivering further margin growth in its construction and infrastructure division and as its property services returned to profitability.

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